All Forum Posts by: Rian Ash

Hi BP Members,

Here is the situation,

I own an investment property since 2017. I recently did a cash out refinance which paid off the initial mortgage and I got some cash out. Now, I want to refinance again and lower my rates. The lender is saying there has been 6 months wait between cash out and then subsequent refinance. I couldn't find any fannie mae regulations for this. 

Does anyone know if there is any such regulations or this is just an overlay which the lender has created?

Thanks,

Rian

Thanks @Nathan Gesner, 

@Hubert Kim, @Alex S. for your comments. Let me work on my license :)

@Donna Hutchinson You can provide your own comps to housing. here in northern california, I have success in getting higher rent approved by showing comparables MLS listing or posting from apartments.com. Also, ask them for comps and make sure you review it carefully. Sometimes because of all the workload, the housing workers miss the details. Thanks and good luck

Hi BP Members,

I own few properties which I manage myself. I have recently received requests from my family and friends who own some properties to manage their properties for them. I am willing to do that but unsure of what kind of arrangement/contract I need to create. 

Does anyone has any pointers from where I can start?

Thanks,

Rian

thanks @Jeff C.. I thought we had some leverage but seems we don’t now.

So the loan contingency was supposed to be removed on the 26th, we got a notice to perform even before 26th with expiry of Monday EOD, which we could not comply with. We sent our own request for extension on Monday which was not considered even after providing all the details from the lender. I couldn’t take a chance given it was a non-warrantable property.

We removed the contingency today and still think there is a chance to close on Monday, which is the due date per the contract.

But it seems like that Monday was the last date for us and now all the options are with the seller, and even if we don’t sign notice to cancel, they can unilaterally cancel and move on. 

Thanks @Jeff C.- Yes, they did give a Notice to perform which expired on Monday, we couldn't remove the loan contingency on Monday. We did that today.

Hi BP Members,

I am in a not so common situation right now. I got into contract to buy an apartment in Contra Costa, County California around 26 days back. We got into contract as soon as the property came on the property and once we got into the contract, the seller sort of realized, he might have gotten few thousand dollars extra on the deal. 

As soon as we came into the contract, the listing agent made it clear that there will be no extensions and we understood and were on track with our contingencies. Removed inspection and appraisal contingency on time. The loan contingency was supposed to be removed by Monday EOD but the lender just couldn't do that. This is a non-warrantable condo so I am working with a local bank. I have a slightly complicated file and given month end, it took then longer to provide me conditional approval. Seller issued notice to cancel yesterday. We didn't accept that and today took the loan contingency off. 

At this point, seller is harping on the point that we didn't remove loan contingency in time and wants to cancel. I understand that technically he is right, but are there any options to salvage the deal-legally? He doesn't seem to act in good faith. The lender is willing to say that the delay happened on their part and had nothing to do with the buyer.

I have spent a lot of time on this deal, and really want it to close. He is also not accepting me releasing a portion of the EMD or pay him a reasonable daily delay cost.

Thanks in advance!

Thanks @Nicholas Iglesias, @Chris Mason, @Eric Veronica for your inputs. I think it is safe to wait for 6 months and do the refinance. Thanks

Hi BP Members,

Both my wife and I own 4 properties each- separately. I am looking to buy another one (rental). We want to buy together, then refinance and take myself off the mortgage and the title. The thing is that with the original purchase, the down payment money will be coming from my account only (a heloc) - Will that be an issue with refinance if we do the refinance in let's say a month? 

I looked at the Fannie Mae guidelines but there is nothing which covers this scenario. It is clear that you cannot accept gift for buying investment properties. In a way, I am going around this guideline but before I go and execute this strategy, I want to make sure I will be able to do the refinance.

Thanks for your help!

Hi All,

Also, Chevron Credit Union can do Investment Property Heloc. Their current rate is 6.25% variable with a 10 yr draw at 75LTV. 

Thanks,